Findwhosabi News has accessed the official exchange rates for the Dollar to Naira in Nigeria today, November 10, 2023, encompassing rates from both Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
As per data from the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US Dollar indicated an opening rate of ₦794.83 per dollar on Thursday, November 9, 2023, and a closing rate of ₦996.75 per $1 on the same day.
Despite these official rates, the Naira is currently trading at a higher rate of ₦1,130 per Dollar in the black market. It’s notable that the Central Bank of Nigeria (CBN) announced the consolidation of all FX segments into the Investors and Exporters (I&E) window in a circular dated June 14, 2023.
The key points highlighted in the circular include the abolishment of segmentation, collapsing all segments into the I&E window. Certain transactions, such as medicals, school fees, BTA/PTA, and SMEs, would continue to be processed through deposit money banks. The “Willing Buyer, Willing Seller” model was reintroduced at the I&E Window, with operations guided by the extant circular dated April 21, 2017.
Furthermore, the operational rate for all government-related transactions would be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places. The circular also proscribed trading limits on oversold FX positions, with permission to hedge short positions with OTC futures, and zero limits on overbought positions.
Other measures include the reintroduction of order-based two-way quotes with a bid-ask spread of N1, clearing of all transactions by a Central Counter Party (CCP), reintroduction of the Order Book for transparency of orders, and operational hours set from 9 a.m to 4 p.m, Nigeria time.
These operational changes signify a relaxation of Nigeria’s control over the Naira, allowing the local currency to float more freely in the foreign exchange market.